Egypt raises $800m from hotels in drive

CAIRO, Dec 21 (Arab News): Egypt's sovereign wealth fund has signed an $800 million deal to sell a stake in seven prominent hotels to the country's Talaat Moustafa Group in its drive to raise funds and foreign currency, Prime Minister Mostafa Madbouly has announced, according to Reuters.

Revenues from selling stakes in state assets have reached $5.6 billion so far, said Madbouly, whose government is grappling with a long-running shortage of foreign currency and a rising debt burden. He provided no breakdown of the revenues.

The stake sales, which some expect to accelerate after a presidential election earlier this month, are seen as crucial to Egypt's chances of easing prolonged pressure on the Egyptian pound, attracting badly needed dollars, and launching economic reforms under an International Monetary Fund loan programme. The program to offload assets has stumbled in the past, and the state and military retain a dominant position in the economy.